ComX is a digital investment product by AFEX targeted at democratizing commodities exchange for Nigerians.
Through the ComX app, AFEX is providing access to trade commodities derivatives for profit.
But is ComX a legit way to make money? Is it worth the investment?
In this article we’ll zoom our lens into the proposition of investing with ComX and the opportunity of making money trading commodities in a digital way.
Let’s dive straight in.
What Is ComX All About?
ComX is a commodities exchange platform managed by AFEX, a Nigerian tech player in the commodities exchange market.
Through ComX, AFEX is providing access for Nigerians to trade in and make profit from Nigeria’s fragmented commodities market.
On the platform, investors can invest in agricultural commodities such as soybeans, sorghum, maize, rice, etc.
How Does AFEX Make Money?
AFEX operates more like a licensed broker, but are also enablers in the Nigerian commodities exchange value change.
AFEX probably makes money when you open an account with them as well as on spreads during trade activities.
How to Invest in ComX
You can invest with ComX via their mobile app, which is available on the Play Store and App Store.
You’ll need to open and verify your trading account, then make your deposit to start trading.
How Much ROI Does ComX Offer?
Trading commodities is similar to trading stocks, so there is no guaranteed ROI when you trade commodities with ComX.
How much you make with ComX would depend on your market information and trade intelligence.
Is ComX Legit or Scam?
ComX seems to be a legit platform, as it is registered with the Securities Exchange Commission (SEC) of Nigeria.
AFEX recently partnered with the SEC and the SON to create more awareness about the opportunity of trading commodities.
What I Hate About ComX
There is nothing much to hate about ComX and its platform.
Just like any securities exchange platform out there, you can make money or lose money buying and selling commodities.
What I Like About ComX
I like the fact that ComX is strategically designed with the trend of digital investments.
Millennial investors nowadays do not want to queue up in a broker’s office just to buy or sell a commodity.
Also, commodities exchange has not been popular, especially when compared with stock trading and agritech investing in recent times.
So, ComX is a welcome opportunity for investors looking to diversify their portfolio and income.
Can You Lose Money With ComX?
Definitely.
Just like you can lose money while buying and selling stocks, you can also lose money trading commodities on ComX.
Being licensed with the SEC does not guarantee you from losses, especially when you consider the nature of the investment.
In fact, AFEX warns that investors could lose money with ComX:
“You can lose money when you invest in securities or other financial products. The value of a security can go up and down and you may receive back less than your original investment.”
Should You Invest in ComX?
I consider investing with ComX to be more of speculating on the prices of commodities.
To make good profit from ComX, you have to be an experienced investor with vast skills of reading the market and picking high-performing securities.
Despite the digital access and the ease of investing in commodities, this is not a beginner friendly investment.
So, you have to know your onions to make any profit from ComX.
However, this type of investment is not for me.